Former TikTok Engineer Founds Axiom to Develop Trading Bots, Achieving Tens of Millions in Profits, Second Only to Pump.Fun
Axiom Achieves $10.5 Million in Revenue, Following Pump.Fun
Supported by the renowned venture capital accelerator Y Combinator, Axiom generated $10.5 million in revenue last week, ranking just behind Pump.Fun. According to data from Blockworks Research, Pump.Fun’s revenue last week was $12.2 million, with Axiom closely following at approximately $10.5 million. Phantom’s revenue was less than half of Axiom’s, landing in third place with $4.3 million. This ranking is based on revenue calculations from Solana applications, clearly indicating Axiom’s tight competition with Pump.Fun while significantly outperforming Phantom, establishing itself as a rising star within the Solana ecosystem. The information in this article is sourced from the Lightspeed newsletter and is intended solely for the introduction of startup teams and market observation, not as any investment advice.
The Founders of Axiom
Axiom was co-founded by Henry Zhang and Preston Ellis, both 22-year-old graduates from the University of California, San Diego (UC San Diego). Henry Zhang revealed to Lightspeed’s editors that the two computer science majors had little to do during their college years but were both passionate about cryptocurrency, leading them to work on several project proposals during their free time. When the Solana meme coin craze began, Ellis was about to graduate, while Henry Zhang started working as a software engineer at TikTok. They decided to attempt to build a platform that could rival the trading bot Photon. They began building their initial product in mid-2024 and were recognized by Y Combinator, which selected them for its winter accelerator program that year.
Henry Zhang and Preston Ellis stated that Y Combinator introduced them to Jordan Fish, an entrepreneur and internet celebrity in the cryptocurrency space, who became their advisor and provided them with advice, including recommendations to avoid giving out checks to KOLs (key opinion leaders).
How Does Axiom’s Trading Bot Work?
The trading bot functions similarly to an enhanced DEX aggregator, allowing for rapid cryptocurrency transactions, tracking newly launched tokens, and featuring sniper capabilities that enable immediate purchases after meme coins are created, making it highly popular among users. Many trading bots are built on Telegram, while Axiom operates as a web application. However, in recent weeks, it has gained traction on Solana. According to Dune dashboards, the combined trading volume of trading bots Photon, BullX, and Trojan accounts for about 75% of Solana’s trading bot transactions, with Axiom currently commanding over 50% of the market.
Why Has Axiom Achieved Such High Revenue?
Blockworks Research analyst Danny Knettel told Donovan Choy, editor of the 0xResearch newsletter, that Axiom’s success stems from combining two of the most popular products at the moment: Solana Memecoins and decentralized DEXs similar to Hyperliquid. Henry Zhang noted that Axiom’s Rakeback Program is also well-received by users, offering rebate rewards for premium users rather than implementing a tiered fee system like Binance.
Axiom’s operational points-based rebate program can stimulate short-term user growth; however, Henry Zhang and Preston Ellis have no plans to launch a token, even though token airdrops are often a critical harvesting method in the industry. The two young entrepreneurs stated that after completing their seed funding round with Y Combinator, they will not seek additional venture capital, as the company’s business revenues are already quite substantial.
Risk Warning
Investing in cryptocurrencies carries a high level of risk, and their prices can be extremely volatile, potentially leading to a loss of your entire principal. Please assess the risks cautiously.
